Americans, especially Gen Z, plan the largest holiday spending cut since the pandemic due to tariffs, inflation, and high living costs. Shoppers aim to spend $1,552 on average, down 5.3% from 2024, per a PwC survey of 4,000 consumers. This marks the first notable drop since 2020, when average spending fell 7.6% to $1,187, reflecting growing caution among holiday shoppers.
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